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The Banking Code Compliance Committee (BCCC) has published a Guidance Note on clause 10 of the 2019 Banking Code of Practice (the Code). Clause 10 of the Code requires a Code subscribing bank to engage with customers in a fair, reasonable and ethical manner. Clause 10 is one of the Code’s most important obligations and should be embedded within…

Read More Banks must be fair, reasonable and ethical in all circumstances

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Do you want to make a difference? Do you want to ensure products and services include consumer protection? Consumers’ Federation of Australia (CFA) is calling for expressions of interest for volunteer consumer representative positions on the following  Standards Australia Technical Committees, as part of the CFA Standards Project.  Consumers are a key stakeholder group in the…

Read More Call for consumer representatives on Standards Australia Technical Committees – playground equipment and sports and recreational equipment

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Consumer Credit Legal Service (WA), CHOICE, Consumer Action Law Centre, Financial Counselling Australia, Financial Rights Legal Centre and Super Consumers Australia have published policy submissions that respond to 22 of the Royal Commission’s 76 recommendations.  After the shocking scandals of the Royal Commission, consumer groups are supportive of the Treasurer Josh Frydenberg’s efforts to enact…

Read More Consumer advocates comment on draft legislation that responds to over a quarter of Banking Royal Commission recommendations

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On 17 December 2019, the Australian Banking Association announced a revised version of the Banking Code would take effect from 1 March 2020. The changes to the Code address recommendations from the Final Report of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The changes include: ceasing default interest on…

Read More Revised version of the Banking Code in effect from 1 March 2020

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ASIC has released an update on its work in the six-month period from September 2019 to February 2020, including its response to the referrals and recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry (the Royal Commission). It follows previous updates on ASIC’s response to the Royal Commission’s recommendations…

Read More ASIC releases update on its enforcement and regulatory work

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ACCC Chair Rod Sims announced the ACCC’s compliance and enforcement priorities for 2020 in a speech to the annual Committee for Economic Development Australia (CEDA). These priorities provide focus to the ACCC’s enforcement and advocacy work, as well as develop solutions to deliver benefits for all consumers. The 2020 priorities include: Competition and consumer issues in the…

Read More ACCC releases its compliance and enforcement priorities for 2020

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Extreme weather events in Australia and the recent outbreak of the coronavirus (COVID-19) in China, may leave you wondering where you stand in terms of cancelling, rescheduling or getting a refund on holiday accommodation bookings, flights and other travel plans. The Office of Fair Trading Queensland has released the following media statement: Under the Australian…

Read More Will coronavirus effect my travel plans? Check the fine print

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ASIC has today started a four week consultation on draft guidance about the new best interests duty for mortgage brokers. The new obligations were legislated by the Parliament in response to Recommendation 1.2 of the Royal Commission. From 1 July, the obligations will require mortgage brokers to act in the best interests of consumers and to…

Read More ASIC consults on draft guidance on the new best interests duty for mortgage brokers

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The domestic battery storage market looked set to take off when significant price reductions and rapidly rising electricity prices indicated batteries would soon be cost effective. Unfortunately, over the past few years electricity prices have continued to soar but the price of battery storage has remained high. Do Government subsidies help? Read Dr Martin Gill’s…

Read More Battery storage an energy option for consumers

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ASIC has released the findings from its recent review of superannuation trustees’ communications with their members about changes introduced through the Treasury Laws Amendment (Protecting Your Superannuation Package) Act 2019 (PYSP). The PYSP reforms were introduced to protect the superannuation savings of Australians from erosion due to inappropriate fees and insurance premiums as well as to reduce unintended…

Read More ASIC releases report reviewing trustees’ PYSP communications